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September 19, 2016, Law360
Carlo Kostka is quoted in a Law360 article regarding the UK’s diminishing influence over EU banking regulation following the Brexit vote. According to Kostka, "There's a broad concern that the expertise of the UK has been very positive to the EU's financial rulemaking in general.” He continues, “So to the extent that that's taken away by definition because the UK isn't sitting at the table, there's uncertainty about the future of rulemaking more broadly."
"For a number of reasons, whether it's language, whether it's tradition, whether it's history, the UK has punched above its weight in the EU and especially in the financial services area," Kostka says. "If you're not at the table, that's going to change the dynamic. I don't think that the EU will sort of backchannel phone calls to the UK to ask, 'Do you think this is the right thing to do?'"
Kostka adds that even though the UK has generally backed high standards for the banking industry in the past — often gaining a reputation for "gold-plating" EU rules to make them tougher — it has taken a "less bureaucratic, more practical" approach.